John Huston's 1948 treasure-hunt classic begins as drifter Fred C. Dobbs (Humphrey Bogart), down and out in Tampico, Mexico, impulsively spends his last bit of dough on a lottery ticket. Later on, Dobbs and fellow indigent Curtin (Tim Holt) seek shelter in a cheap flophouse and meet Howard (Walter Huston), a toothless, garrulous old coot who regales them with stories about prospecting for gold. Forcibly collecting their pay from their shifty boss, Dobbs and Curtin combine this money with Dobbs's unexpected windfall from a lottery ticket and, together with Howard, buy the tools for a prospecting expedition. Dobbs has pledged that anything they dig up will be split three ways, but Howard, who's heard that song before, doesn't quite swallow this. As the gold is mined and measured, Dobbs grows increasingly paranoid and distrustful, and the men gradually turn against each other on the way toward a bitterly ironic conclusion. The Treasure of the Sierra Madre is a superior morality play and one of the best movie treatments of the corrosiveness of greed. Huston keeps a typically light and entertaining touch despite the strong theme, for which he won Oscars for both Director and Screenplay, as well as a supporting award for his father Walter, making Walter, John, and Anjelica Huston the only three generations of one family all to win Oscars.
~ Hal Erickson, All Movie Guide